- Velocity Minerals has released drill results from its Iglika copper-gold project in Bulgaria
- Exploration continues and a second drill rig has been mobilized to the project
- Highlights include 4 metres at 0.47 per cent copper and 71 meters at 0.15 per cent copper, including 4.7 metres at 0.26 copper
- Shares of Velocity Minerals have not traded since Jan. 16 and remain at C$0.11
Velocity Minerals (TSXV:VLC) has reported drill results from its Iglika copper-gold project in Bulgaria.
The Vancouver-based company stated in a news release that highlights include drill hole IDD-006 intercepted 4 metres from 99.5 metres depth, grading 0.47 per cent copper, including 1 metre grading 1.77 per cent copper.
Drill hole IDD-007, which sits just east of hole IDD-006, was also completed but geochemical assay results are pending. The hole intersected 266 metres from 522.3 metres of intense phyllic alteration of volcaniclastic and volcanic rocks.
Phase II drilling at the project began in November of last year and has roughly 7,000 metres planned to test 13 drill targets. Over 1,735 metres in two drill holes were completed in Q4 2023.
The last 5,000 metres are scheduled to be done sometime during Q1 2024 with a second drill rig mobilized to the project earlier this month.
The Iglika project spans over 97 square kilometres and has the potential for multiple mineral deposit types, including copper porphyry, copper skarn and epithermal gold.
To date, surface exploration has included 717 rock samples, 2,750 soil samples, roughly 2,300 multi-horizon soil samples 600-line kilometres of magnetic data, 110-line kilometres of induced polarization and 15,000 radiometric measurements.
Velocity is a precious metals and copper explorer focused in Eastern Europe. The company has a 70 per cent interest in the Tintyava property in Bulgaria, which includes the prefeasibility-stage Rozino deposit.
Velocity also has a 70 per cent interest in the Momchil property, a 70 per cent interest in the Nadezhda property and a 70 per cent interest in the Dangovo property.
Shares of Velocity Minerals have not traded since Jan. 16 and remain at C$0.11.
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